FCStone Conversion to a Public Corporation

FCStone Group (FCS) is a publicly held corporation that converted from a cooperative to a private corporation in 2005, and then converted to a public corporation in 2007. It is an integrated commodity risk management company that provides risk management consulting and transaction execution services to commercial commodity intermediaries, end users, and producers. This case study focuses primarily on the period from the first conversion in 2005 to six months after the public offering in March 2007. Because the financial benefits received by each of the cooperative owners of FCS are dependent on the timing of their sale of FCS stock, stock price information and benefit estimates are provided up to early November 2008.Agribusiness,

A Comparison of Traditional and Newly Emerging Forms of Cooperative Capitalization

This paper compares the traditional forms of capitalization used by American co-ops to newly emerging forms. It is based on an in-depth review of several case co-ops. A broad framework is provided that may be beneficial in more extensive studies of capitalization practices of cooperatives and similar organizations. It is divided into three parts. Part One outlines the alternative capitalization forms being used by cooperatives and their antecedents, where conversions to other structures and forms have occurred. Two basic capitalization forms have been used by cooperatives: traditional (open) and new generation (closed). Cooperatives using both forms have elected to add new capitalization features, such as use of publicly listed stock, or have elected to convert to different forms, such as an LLC or a C corporation. Several perceived advantages have motivated these changes besides the traditional advantages utilized by cooperative corporations, limited liability and single taxation. They include access to capital, liquidity and appreciability of stock. Part Two provides a brief description of the nature and experience of several modern cooperative organizations using the framework presented in Part One. The descriptions are based on in-depth case studies. The case study selections are from a broad cross-section of cooperatives that include the following: (1) Mid-Kansas Cooperative (traditional, centralized, local grain marketing and farm supply using only internally generated equity); (2) Land O'Lakes (traditional, centralized and federated, regional dairy marketing and processing and farm supply using only internally generated equity and registered debt financing); (3) CHS Cooperatives (traditional, primarily federated, regional grain marketing and processing and farm supply, with the recent addition of publicly listed preferred stock); and (4) U.S. Premium Beef (new generation, centralized, regional beef processing using closely held but tradeable common stock and proposal to convert to an LLC with member and non-member tradeable stock). In addition brief mention is made of other cooperatives including (5) Dakota Growers Pasta (new generation, centralized, regional durum wheat processing with recent conversion to C corporation); (6) South Dakota Soybean Processing (new generation, centralized regional soybean processing with conversion to LLC); (7) Pro-Fac and Birds Eye Foods (new generation centralized regional frozen vegetable processing with publicly listed stock and transition of processing entity, Birds Eye, to majority ownership by investor-oriented partner likely to exit through an IPO) and (8) Gold Kist (traditional, centralized regional poultry processing with proposed conversion to publicly traded C corporation). Part Three will briefly outline some of the challenges facing cooperatives in the future with reference to capitalization.Financial Economics, Agribusiness,

Adapting to trauma: disengagement as a holding strategy

Purpose – The purpose of this paper is to draw upon a range of material to improve the understanding of disengagement with everyday life, by some individuals who have learning disabilities and mental health difficulties. Illustrative incidents from historical clinical cases are utilised, to consider whether this reframing may enhance the interpretation of presenting behaviours. Design/methodology/approach – Key recurring themes within transpersonal literature were reviewed, relevant to adults with behaviour indicating a degree of disengagement from everyday life. These were grouped into Physical Realm, Psychosocial Realm and Realm of Being. Illustrative examples of behaviour are reviewed and re-interpreted within this framework. Findings – These examples generated plausible interpretations for the presenting behaviours within this framework of the Three Realms. These interpretations support a fresh understanding of the quality of the individual’s inner experience. This paper suggests a potential framework to consider the way in which some individuals may experience a different quality of consciousness than the usual. Practical implications – Use of the Three Realms for behaviour interpretation should result into a more empathetic and client-centred approach that could reduce the need for aversive approaches, lessening risk for the client and any employing organisation. The identification of behaviours that signal participation in the Realm of Being could be defined and evaluated with the potential to be used to inform the nature and content of the support provided. Originality/value – This paper, rooted in clinical examples, offers an original synthesis with reasons to include the immaterial realm in the perspective of the human condition. This could benefit people with substantial episodes of disconnection from the Physical Realm and everyday culture and those who support them

Systematic experimental exploration of bifurcations with non-invasive control

We present a general method for systematically investigating the dynamics and bifurcations of a physical nonlinear experiment. In particular, we show how the odd-number limitation inherent in popular non-invasive control schemes, such as (Pyragas) time-delayed or washout-filtered feedback control, can be overcome for tracking equilibria or forced periodic orbits in experiments. To demonstrate the use of our non-invasive control, we trace out experimentally the resonance surface of a periodically forced mechanical nonlinear oscillator near the onset of instability, around two saddle-node bifurcations (folds) and a cusp bifurcation.Comment: revised and extended version (8 pages, 7 figures